Research
*Research published here is selective and posted 7 days or more after distribution to clients2009 Year-End Performance Results of our Research & Recommendations
January 10th, 2010Since Nov’ 2007, as a benchmark, our TSR Corporate Spinoff Portfolio of Research has outperformed the S&P 500 and MSCI World Index by 75% and 77% respectively (as at Dec’ 31 2009).
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EnCana / Cenovus – Pure Play Natural Gas Strategy to Pay Off Well
December 1st, 2009Since its formation in 2002, EnCana has struggled to differentiate its two core assets. That struggle has especially hurt its oilsands interests, and has resulted in a share price that underperformed rivals. We believe the spinoff event will act as a positive catalyst enhancing shareholders value. We have an Absolute Buy rating on the parent (EnCana) and Buy rating on the Spinoff entity (Cenovus). Also an earlier Spinoff transaction of a Canadian company “Bankers Petroleum” operating in Oil & Gas sector which was done with a similar Spinoff rationale has performed exceedingly well. The Bankers Petroleum stock on which we had an Absolute Buy rating has generated 507% return since YTD. When we draw a parallel between the two spinoff stories, we are confident that this spinoff will also add value to shareholders.
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The Spinoff Report – Excellent Two Year Performance Returns From Our Research & Recommendations
November 19th, 2009The performance of our TSR Portfolio has continued to deliver. October was a another quality and stable month of growth from our Spinoff Investment Recommendations. It also saw us complete Two Full Years of Outperformance. Benchmarked against the MSCI World Index and S&P 500, our 20+ holdings have returned clients/investors 72% and 71.6% respectively.
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LMC (Entertainment) Split-Off: Games People Play
November 19th, 2009Value discovery is a favorite play of management and this Split-Off primarily allows the market to value the entertainment assets more fairly. But the real benefit of the transaction would accrue to Mr. Malone, who will enjoy more voting power over DIRECTV, once the merger goes through. The transaction benefits him in two ways: More voting rights in DTV and value enhancement of his stake. Still, the transaction is beneficial to all stakeholders and we recommend a BUY.
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The Spinoff Report – September Relative Perfomance
October 1st, 2009Of the 40+ Spinoffs since Q4 2007, The Spinoff Report™ (TSR) Portfolio of Research has Outperformed the MSCI World Index and S&P500 by over 70%.
